The contribution of the contributions included within the scope of consolidation to consolidated inco- me for 2005, taking into consideration consolidation adjustments, was as follows:
108
annual report 2005
08
Sociedad Rectora de la Bolsa de Valores de Madrid, S.A., Sociedad Unipersonal (124,503)
Sociedad Rectora de la Bolsa de Valores de Barcelona, S.A., Sociedad Unipersonal (7,651)
Sociedad Rectora de la Bolsa de Valores de Valencia, S.A., Sociedad Unipersonal (2,635)
Sociedad Rectora de la Bolsa de Valores de Bilbao, S.A., Sociedad Unipersonal (15,663)
Sociedad de Gestión de los Sistemas de Registro, Compensación y Liquidación
de Valores, S.A., Sociedad Unipersonal 8,683
MEFF- AIAF- SENAF Holding de Mercados Financieros, S.A., Sociedad Unipersonal (26,107)
Bolsas y Mercados Españoles Consulting, S.A., Sociedad Unipersonal (130)
Sociedad de Bolsas, S.A. 92
Infobolsa, S.A. 60
T
Toottaall ((116677,,885544))
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THHOOUUSSAANNDDSS OOFF EEUURROOSS
Bolsas y Mercados Españoles, Sociedad Holding de Mercados y Sistemas Financieros, S.A. (*) (10,221)
Sociedad Rectora de la Bolsa de Valores de Madrid, S.A., Sociedad Unipersonal 37,812
Sociedad Rectora de la Bolsa de Valores de Barcelona, S.A., Sociedad Unipersonal 10,244
Sociedad Rectora de la Bolsa de Valores de Valencia, S.A., Sociedad Unipersonal 5,990
Sociedad Rectora de la Bolsa de Valores de Bilbao, S.A., Sociedad Unipersonal 3,733
Sociedad de Gestión de los Sistemas de Registro, Compensación y Liquidación
de Valores, S.A., Sociedad Unipersonal 29,548
MEFF- AIAF- SENAF Holding de Mercados Financieros, S.A., Sociedad Unipersonal 11,507
Bolsas y Mercados Españoles Consulting, S.A., Sociedad Unipersonal 334
Sociedad de Bolsas, S.A. 4,776
Infobolsa, S.A.(**) 338
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Toottaall 9944,,006611
(*) The contribution of the Bolsas y Mercados Españoles to consolidated income for 2005 arises basically as a result of reducing its 2005 income, which totaled € 110,376 thousand (see Note 1), by the allocation to goodwill on consolidation (see Note 7) and the dividends obtai- ned from the dependent companies during the year, net of the provisions made during 2005 in the financial investments portfolio (Note 1). (**) Income for the year contributed to the Group by Infobolsa, S.A. and its subsidiaries is calculated at 50% (see Note 2).
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11. PROVISIONS FOR LIABILITIES AND CHARGES
A detail of this caption is as follows:The heading "Commitments with employees" includes provisions of € 1,357 thousand set aside in res- pect of bonuses for good performance, loyalty and length of service, and € 2,025 thousand in respect of retirement bonuses (see Note 3-j).
The heading "Other provisions" include provisions totaling € 1,604 thousand recorded in prior years in respect of additional tax assessments raised and appealed (see Note 16), provisions of € 804 thousand for the termination of contracts of employment (see Note 3-k), and provisions of € 876 thousand to cover liabilities and charges arising from the activity of the Group.
In the claim for US$ 2,445 thousand brought against Infobolsa, S.A. on December 18, 2001 by two Chilean firms with which the company had entered into negotiations for the development of activities in Latin America, a ruling was issued on April 7, 2004, in accordance with which Infobolsa, S.A. was sen- tenced in the first instance to pay US$ 805 thousand plus interest accruing at the legal rate on the afo- resaid sum from the date of notification of the action and costs. Infobolsa, S.A. appealed against this ruling, seeking to have the claim brought by the Chilean firms set aside in its entirety. Nevertheless, in accordance with the agreement for the sale of the shares of Infobolsa, S.A. made between Sociedad Rectora de la Bolsa de Valores de Madrid, S.A., Sociedad Unipersonal and Deutsche Börse AG in 2003 (see Note 2), the vendor (Sociedad Rectora de la Bolsa de Valores de Madrid, S.A., Sociedad Unipersonal) agreed, where applicable, to settle any costs that might arise in connection with the afore- mentioned ruling. Consequently, the Group provided € 805 in "Other provisions" in prior years.
During 2005 the Bolsas y Mercados Españoles Group has set up a provision of € 2,500 thousand with a charge against the caption "Other losses" in the consolidated statement of income, which has been recorded against the balance of "Other provisions". These provisions will be applied to the subscription of an insurance policy, authorized by the Board of Directors of Bolsas y Mercados Españoles, to set up a supplementary pensions system for senior executives of the Bolsas y Mercados Españoles Group. Also, at December 31, 2005 the Group maintained a provision, set aside in its entirety in the prior year, for € 1,380 thousand to cover the expected expenses that will be incurred as a result of the move to the Group operational headquarters in Madrid in the first half of 2006 (see Note 1).
Finally, during 2005 the Bolsas y Mercados Españoles Group has reached an agreement with the emplo- yees of Infobolsa, S.A. and Infobolsa Internet, S.A., Single Shareholder Company, with which it was in dispute. As a consequence of this agreement, the Group has disbursed a total of € 868 thousand. Since €643 thousand had already been provided in prior year, the amount of € 225 thousand was recorded with a charge against the 2005 income statement, of which € 184 thousand were charged to the caption "Other losses" and € 41 thousand to "Personnel expenses".
Accordingly, the total allowances recorded under the heading "Other provisions" in 2005 amounted to € 4,709 thousand.
annual report 2005
08
109
Commitments with employees 3,382
Income tax payable (Note 16) 47,785
Other provisions 8,313 T Toottaall 5599,,448800 T THHOOUUSSAANNDDSS O OFF EEUURROOSS